Gold → A Bear Wedge Pattern is forming. What's Next?
Updated
XAUUSD consolidating above the 2715 level, while simultaneously a bearish wedge pattern maintains the recent upward trend. Theoretically, the price will break the support level, creating a breakout at the 2715 zone.On the H1 timeframe, the support zone of 2715-2715 has formed and price is moving towards reacting at this support area. If buyers maintain this zone, price may retest the upper boundary of the rising channel or the important psychological level of 2748 before further decline. However, a breakthrough below this level will lead to an earlier price drop. Additionally, the USD is also consolidating above the support zone, creating a corresponding reaction in the gold market.
Resistance levels: 2738, 2748, 2758
Support levels: 2716, 2703, 2693
I expect a correction following the false break of the 2715 level. Price consolidation below this level will lead to a deeper decline.
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